Review family finances

Overview

Financial aid applications are due January-February for many schools. Getting organized now makes the process much smoother for everyone!

Documents to Gather

• 2024 federal tax returns (1040) for both parents
• W-2 forms from all employers
• Records of untaxed income (child support, housing allowances, etc.)
• Current bank statements (checking, savings)
• Investment account statements
• Business/farm records if applicable
• Home value estimate (for CSS Profile)

Family Discussion Topics

• What's our realistic budget for college?
• Are we willing to take out loans? If so, how much?
• Are there special circumstances to report (job loss, medical bills, divorce)?

FSA ID Reminder

If you haven't already, both student AND parent need to create separate FSA IDs at studentaid.gov. Verification takes 1-3 days.

Encouraging Note

This conversation can feel awkward, but understanding your family's financial situation helps you make informed decisions about where to apply and how to evaluate offers!